Auction of Nearly 300 Missouri Bank-Owned Homes

ST. LOUIS, – Tumbling home prices and mushrooming inventory make it a perfect time to buy a home. Faced with a plethora of choices, buyers are combing the market for bargains and increasingly turning to bank-owned real estate auctions to find the best deals on the block. Hudson & Marshall, America’s largest auction firm of “real estate owned” REO properties (foreclosures owned by banks), will auction nearly 300 homes in cities throughout Missouri on March 11-16.

“Private auctions of bank-owned homes offer buyers an opportunity to purchase property below market value because lenders are eager to move these non-performing loans off their books,” remarked Dave Webb, principal Hudson & Marshall. “Unlike foreclosures sold at county or sheriff auctions, bank-owned foreclosures, sold through private auctions, come with guaranteed title insurance paid for by the sellers, ensuring there are no back taxes or liens on the properties,” added Webb.

Foreclosure activity continues at a brisk pace nationwide. According to Realtytrac(R), Missouri ranked 20th nationally among the states, reporting 3,359 filings in January 2008 an increase of 48% the same time a year ago. The National Association of Realtors also found nationally housing inventory rose 5.5% at the end of January to 4.5 million homes for sale, which is a 10.3 month supply at the current sales pace.

Valued from $7,000 to $500,000, all the Missouri homes being auctioned have been foreclosed upon or “repossessed” by the lenders and are vacant. Winning bidders will be required to make a cash or check deposit of 5% of the total sales price or $2500, whichever is greater.

Homes are sold “as-is” and interested buyers are advised not to bid on any property they have not inspected. An open house is scheduled for all homes March 8th and 9th from 1:00pm-3:00pm or by contacting listing agents. Detailed property information is available at http://www.hudsonandmarshall.com/.

Hudson & Marshall will auction the homes on the following dates: March 11th in Wichita, KS; March 12th in Columbia, MO; March 13th in Joplin and Springfield, MO; March 15th in Kansas City, MO; and March 16th in St. Louis. Prior to the auction, buyers can purchase property online by visiting the website and clicking on the Bid Now icon. Sellers usually respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept or reject any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 50,000 homes for sellers in the past eight years, Hudson & Marshall is the undisputed leader in the REO auction industry. The company’s accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses and maximizes return for both sellers and buyers. Generally, contracts close within 30 days, making auctions a win-win way to conduct real estate transactions, particularly in today’s sluggish market. In the past two years alone, Hudson & Marshall’s sales exceeded $400 million.

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